Overview
What is Mercy Housing Development Fund Company Inc?
Mercy Housing Development Fund Company Inc, located in Syracuse, New York, is a nonprofit organization committed to providing affordable housing. With a focus on supporting the elderly and low-income individuals, they operate a 40-unit housing project that falls under federal subsidization. The company's mission, as outlined in the Private Housing Finance Law of New York, is to develop, own, and manage this low-income housing project on a non-profit basis. Their team consists of three dedicated employees who work tirelessly to fulfill this mission.
Official website here: www.christopher-community.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Stars)
Mercy Housing Development Fund Company Inc has received a solid Three-Star rating from Charity Navigator, reflecting a score of 81% based on its accountability and financial health. This rating indicates that the organization is performing well in terms of transparency and responsible financial management. The single beacon score emphasizes the importance of accountability and finance, showcasing the charity's commitment to maintaining high standards in these areas.
The organization demonstrates strengths in various accountability metrics, with full scores for having a majority of independent board members and a well-audited financial statement. Additionally, it has implemented comprehensive policies, including conflict of interest and whistleblower policies, which further enhance its operational integrity. Notably, the charity has a high program expense ratio of 87.32%, suggesting that a significant portion of its funding directly supports its mission.
However, the charity's liabilities to assets ratio received no points, indicating potential concerns regarding its financial leverage. While its financial health appears stable in some areas, this particular metric may warrant further scrutiny. Overall, Mercy Housing Development Fund Company Inc shows a strong commitment to accountability and financial practices, though it may need to address its liabilities to improve further.
This AI summary has been generated from information found on Charity Navigator.
Is Mercy Housing Development Fund Company Inc legitimate?
Mercy Housing Development Fund Company Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mercy Housing Development Fund Company Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $123,431
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Official website here: www.christopher-community.org
What is the mission statement of Mercy Housing Development Fund Company Inc?
Mercy Housing Development Fund Company Inc, as established, is dedicated solely to the development, ownership, and operation of a low-income housing project on a non-profit basis, adhering to Article XI of the Private Housing Finance Law of New York. The organization operates a 40-unit housing project, subsidized by the federal government, specifically designed for elderly and low-income individuals, functioning on a non-profit basis. Its mission essentially aims to provide affordable housing options for those with limited financial resources.
Official website here: www.christopher-community.org
Who is the CEO of Mercy Housing Development Fund Company Inc?
Fredrick Zolna is the President of Mercy Housing Development Fund Company Inc.
Official website here: www.christopher-community.org
What is the revenue of Mercy Housing Development Fund Company Inc?
Mercy Housing Development Fund Company Inc's revenue in 2022 was $572,217.
Official website here: www.christopher-community.org
Who are the executives of Mercy Housing Development Fund Company Inc and what are their salaries?
The average compensation at Mercy Housing Development Fund Company Inc during 2022 was $41,144. There are 3 employees at Mercy Housing Development Fund Company Inc.
Here are 5 key members and their salaries:
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- Other: $0
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- Other: $0
Official website here: www.christopher-community.org
Where can I find the form 990 for Mercy Housing Development Fund Company Inc?
Mercy Housing Development Fund Company Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.christopher-community.org
Learn more at the official website: www.christopher-community.org
Mission Statement of Mercy Housing Development Fund Company Inc
Mercy Housing Development Fund Company Inc, as its mission statement suggests, was established with a specific purpose: to develop, own, and manage a low-income housing project on a non-profit basis. This mission is in line with Article XI of the Private Housing Finance Law of the State of New York. In practice, this means that Mercy Housing Development Fund Company Inc operates a 40-unit housing project that is federally subsidized, catering to the needs of elderly and low-income individuals. The organization operates on a non-profit basis, demonstrating its commitment to providing affordable housing solutions for those who may not otherwise have access to such resources. By fulfilling this mission, Mercy Housing Development Fund Company Inc plays a crucial role in addressing housing inequality and ensuring that vulnerable individuals have a safe and stable place to reside.
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Impact
July, 2024
Mercy Housing Development Fund Company Inc's impact is evident through its operation of a 40-unit federally subsidized housing project in Syracuse, NY. This initiative provides much-needed affordable housing for elderly and low-income individuals in the community on a non-profit basis. By focusing on developing, owning, and operating low-income housing, this organization plays a crucial role in addressing housing insecurity and improving the quality of life for vulnerable populations.
This information is meant to be a general summary of Mercy Housing Development Fund Company Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $260
- Program Service Revenue: $569,258
- Gross Receipts: $572,217
Assets and Liabilities:
- Total Assets: $2,287,887
- Total Liabilities: $2,019,006
- Net Assets: $268,881
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME - NET OF
Revenue
$569,258
Organization Details
Founding Year
1986
Phone
(315) 424-1821Principal Officer
Fredrick Zolna
Main Address
990 JAMES STREET, SYRACUSE, NY, 13203
NTEE Category
Code: L21 - Housing
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